Most European stocks advanced, after the benchmark Stoxx Europe 600 Index yesterday dropped the most in 10 months, as investors awaited data that may show U.S. durable-goods orders increased in April. U.S. index futures were little changed and Asian shares fell. Elan Corp. rose to a one-month high after the Irish drugmaker's board of directors unanimously rejected a higher takeover offer from Royalty Pharma. Novo Nordisk A/S climbed after saying its liraglutide treatment helped overweight patients without diabetes to lose weight. Raiffeisen Bank International AG lost 2.9 percent after its chief executive officer offered to quit. The Stoxx 600 rose 0.1 percent to 304.33 at 9:04 a.m. in London, as two shares increased for every one that slid. The gauge is still heading for its first weekly loss in five weeks as the Federal Reserve signaled it will scale back its stimulus if the U.S. economy improves. Futures on the Standard & Poor's 500 Index slipped less than 0.1 percent today, while the MSCI Asia Pacific Index retreated 0.3 percent. Asian stocks reversed earlier gains after Bank of Japan Governor Haruhiko Kuroda said the central bank had announced sufficient monetary easing. Speaking today at a conference in Tokyo, Kuroda also said he has no target for the nation's stocks and currency. In the U.S., orders for durable goods probably climbed 1.5 percent in April after falling by the most in seven months in March, economists estimated before a Commerce Department report at 8:30 a.m. in Washington. German Sentiment In Germany, a report showed business confidence increased for the first time in three months. The Ifo institute's business climate index, based on a survey of 7,000 executives, climbed to 105.7 in May from 104.4 in April. Economists in a Bloomberg survey predicted sentiment to remain unchanged. Elan rose 1.4 percent to 9.60 euros in Dublin, for an eighth day of gains. The company rejected a revised bid from Royalty, saying it undervalued the company's current business and future prospects. Royalty, an investor in intellectual-property revenue streams from pharmaceuticals, had raised its bid to $6.4 billion on May 20 from a previous bid of $5.7 billion. The all-cash offer is valued at $12.50 per American depositary receipt. Novo Nordisk advanced 1.7 percent to 985.50 kroner. The Danish drugmaker said tests with its liraglutide treatment showed an eight percent weight-loss for overweight patients without diabetes, compared with a 2.6 percent weight loss for a placebo. Natixis raised the stock to buy from neutral. The company said in March that the drug helped patients with type 2 diabetes lose weight. Assicurazioni Generali SpA gained 1.3 percent to 14.34 euros. JPMorgan Chase & Co. raised its rating on the stock to overweight, similar to a buy recommendation, from neutral. Analyst Andreas van Embden cited the company's plans to increase capital by selling assets and without raising equity capital. Raiffeisen Bank International AG lost 2.9 percent to 26.21 euros. Herbert Stepic offered to resign as CEO of the Vienna-based lender, a day after officials began a probe into his investments through offshore accounts. Bloomberg
